Market Mayhem Continues Indices Sinks Further

Today both the indices opened over a 2% gap down. Then after consolidation, both moved further lower and made the low around 2:15 pm. Some recovery came from that low, but still, indices ended in the red. 

Nifty closed over 2% down, but still, it managed to close above the 15830, which is a Gann support number. So, until Nifty is holding the 15830-790 zone, bulls can see a rally towards 16100/16250 levels.

Nifty Intraday Gann levels

Nifty bulls need to break & sustain above 15880 to move towards 15920/15970/16030/16100.

On the lower side, the Gann support level is 15790; below that Index can move towards 15750/15700/15640/15570.

Bank Index closed nearly 4.50% down, but it also closed above 32600 Gann support number. 

But for a bounce-back, Bank Nifty bulls have to break & sustain above 33050 levels. On the downside, 32600 will act as the support.

Bank Nifty Intraday Gann levels

Bank Nifty bulls need to break & sustain above 32950 to move towards 33050/33250/33550.

On the lower side, the Gann support level is 32600; below that Bank Nifty Index can move towards 32500/32300/32000.

Note: The above levels are for educational purposes only, not Buy/Sell advice.

About the author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.